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Steel pipes manufacturer and supplier Tenaris has acquired 100% of the shares of the US-based steel pipe manufacturer IPSCO Tubulars from PAO TMK.

Finalised at $1.1bn, the transaction price is based on a cash-free and debt-free basis. It also includes $220m of working capital.

The deal adds IPSCO’s steel shop in Koppel, Pennsylvania, to Tenaris’ network. The facility is the first of Tenaris in the US to produce steel bars.

The takeover also adds IPSCO’s seamless manufacturing facility in Ambridge, Pennsylvania, to Tenaris.

Tenaris said that it will consolidate IPSCO’s balance sheet and operational results in its financial statements from this first quarter.

Tenaris chairman and CEO Paolo Rocca said: “Together, we are uniquely positioned to serve the US oil and gas industry, with an extensive geographic deployment throughout North America and an unmatched product range.”

Rocca added: “With IPSCO, we will be able to strengthen our Rig Direct® offering with shorter lead times and more responsive service capabilities.”

The agreement makes Tenaris the exclusive distributor of TMK’s oil country tubular goods (OCTG) and line pipe products across the US and Canada.

TMK chairman Dmitry Pumpyanskiy said: “We are pleased with the successful closing of the transaction, which was executed in line with TMK’s current strategy and will bring the value for TMK’s shareholders.”

BTIG served as the financial adviser while Latham & Watkins served as the legal adviser to TMK for the transaction. jQuery( document ).ready(function() { /* Companies carousel */ jQuery('.carousel').slick({ dots: true, infinite: true, speed: 300, lazyLoad: 'ondemand', slidesToShow: 1, slidesToScroll: 1, adaptiveHeight: true }); });

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